Indonesia votes. The world’s third-largest democracy casts ballots in an extremely tight race between a Suharto-era former general, and an ex furniture maker with no ties to the old regime; there are fears that an ambiguous result may spark unrest.

Laying the ground for Modinomics. A day before Narendra Modi’s government presents its first budget, the finance ministry’s annual economic survey will outline the country’s economic prospects and highlight issues like job creation, overconsumption and inflation. “

Signs of cooling in China. The country releases consumer-price data for June, which economists expect will show a slight slowdown in inflation. That will give the government room for more stimulus policies later this year to prod the economy, which has been slowing.

World Cupdate. After Germany’s punishing defeat of Brazil 7-1, the second semi-final—Netherlands v Argentina at 4am Thursday HKT—will determine who faces Germany in the final showdown.

The Vatican Bank showed its ascetic side. The bank reported a 97% drop in net profit over the previous year, to €2.9 million ($3.9 million). It was an intentional move by Pope Francis, the result of spending on audits and write-downs to make the scandal-ridden institution more transparent.

América Móvil prepared to break up. Carlos Slim’s Latin American telecoms behemoth approved a separation of some assets in its Mexico unit, in response to new anti-trust moves from Mexican regulators.

Americans are getting tired of cupcakes. Crumbs Bake Shop, which went public at the height of the gourmet-cupcake boom three years ago, has told employees that it is closing all its stores (paywall). This comes just a week after Nasdaq delisted Crumbs shares because of the company’s failure to meet the minimum market cap requirement.

Michael Silverberg shares writing tips from the CIA’s style manual. “As revealed in the manual, the CIA is a prescriptivist scold, a believer in the serial comma, and a champion of ‘crisp and pungent’ language ‘devoid of jargon.’ It takes a firm stand against false titles used attributively and urges intelligence writers to lowercase the w in Vietnam war (‘undeclared’).” Read more here.

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